Ripple Successfully Tested by Woori Bank of South Korea

completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San Fransisco-based startup Ripple.

According to local business media source ChosunBiz , the completion of the trial arrives as the bank’s Digital Strategy Department reveals plans to commercialize the Ripple-based platform this year. It also marks a second phase of the trial, following an earlier test at the end of January.

The bank’s participation in piloting DLT payments comes as part of a wider effort that has seen another 60 or so Japanese banks also joining trials initiated by Japan’s SBI Group, the report says.

Previously, SBI Ripple Asia – a joint venture between Ripple and financial giant SBI – said in September last year that it would begin testing cross-border remittances over Ripple’s solution between Japanese and South Korean banks by the end of 2017. The aim of the effort being to bring DLT into real-life use and bringing new efficiencies to banks’ cross-border transactions by cutting middlemen banks out of the equation.

According the September report, the group involved notable banks from Japan, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.

The partnership and collaboration between Ripple and big financial institutions have been impressive. If this had a direct relationship with Ripple Xrp currency, Ripple’s price would have skyrocked by now.

I think what is happening is a buildup to that. My investigation revealed that it will hit around $5 within the next five months, if there are no negative happening that will impact the cryptocurrency market.

Besides from getting the announcement that it will get into the banking system of South Korean Bank in the near future, XRP was doing great within the bank testing of over 60 Japanese financial institutions. This announcement, however, was not officially confirmed via the press, but it is considered to be a tip from a source close to the banking institutions involved in testing XRP.

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